MyData firm Banksalad said on Feb. 2 it will begin registration from Feb. 4 for interest rate cut request rights that can reduce interest payments as much as possible.

The interest rate cut request right is a system that allows loan customers to ask banks and other financial firms to lower interest rates when their credit rating or score rises due to higher income or loan repayment. Until now, customers had to apply directly to each financial firm, and many were unaware of the system or missed the right time to apply.

To address this inconvenience, Banksalad is introducing an automatic application service for interest rate cut request rights that fully automates the rate-cut process with a single consent registration and reduces interest as much as possible.

If a user agrees in the Banksalad app to use the interest rate cut request right, an agent asks financial firms to lower rates on the customer’s behalf and provides the results. If the rate cut succeeds, the loan can immediately be made at the reduced interest rate.

After that, the AI agent analyses the customer’s loan data to find the optimal time when a rate cut is possible and automatically applies for rate cuts to help continuously reduce the interest burden.

Banksalad also said it automatically applies a credit score-raising function before executing the interest rate cut request right. It applies for the rate cut after raising the customer’s credit score once, maximising the likelihood of lowering the interest rate.

Banksalad’s credit score-raising service uses not only financial MyData but also public MyData to precisely analyse customers’ credit data. It supports raising credit scores as much as possible to help lower loan interest rates on the most favourable terms.

Banksalad’s interest rate cut AI agent is provided through the designation as an innovative financial service of a MyData-based interest rate cut request agency service introduced under the Financial Services Commission’s inclusive finance policy for low-income and vulnerable groups.

A Banksalad official said the service can automatically lower loan interest rates as much as possible and ease the actual interest burden even if customers do not take care of it themselves amid busy daily lives. The official said the company aims to deliver an integrated loan management experience covering the entire process, from loan execution to lowering interest rates, through a data-based AI agent.